NicOx presents 26 week naproxcinod efficacy data at American College of Rheumatology

Sophia Antipolis, France, October 20, 2009-NicOx S.A. (NYSE
Euronext Paris: COX) announced the presentation of detailed 26?week
efficacy, safety and tolerability data from the second pivotal
phase 3 study for naproxcinod (the 302 study) yesterday, at the
American College of Rheumatology (ACR) and Association of
Rheumatology Health Professionals (ARHP) Annual Scientific Meeting
in Philadelphia, Pennsylvania. It was entitled '26-Week Efficacy
and Safety Evaluation of Naproxcinod, a First-in-Class
Cyclooxygenase Inhibiting Nitric Oxide Donator (CINOD), in Patients
with Osteoarthritis of the Knee' (poster number 851).

The presentation was based on data from 1011 knee-OA patients
enrolled in the 302 study, who were randomized to receive
naproxcinod 375 mg bid, naproxcinod 750 mg bid, naproxen 500 mg bid
or placebo bid. After 13 weeks, patients randomized to placebo
received naproxcinod 375 or 750 mg bid. After 26 weeks of
treatment, naproxcinod 750 mg bid was non-inferior to naproxen 500
mg bid on the WOMAC™ pain and function subscales.
Non?inferiority comparisons to existing products are required by
the European Medicines Agency (EMEA) for demonstrating the efficacy
of new drugs.

NicOx has submitted a New Drug Application (NDA) for naproxcinod
to the United States Food and Drug Administration (FDA) on
September 24th, seeking approval for an indication for the relief
of the signs and symptoms of osteoarthritis, and plans to submit a
Marketing Authorization Application (MAA) to the EMEA in Q4
2009.

NicOx (Bloomberg: COX:FP, Reuters: NCOX.PA) is a product-driven
biopharmaceutical company dedicated to the development and future
commercialization of investigational drugs for unmet medical needs.
NicOx is applying its proprietary nitric oxide-donating technology
to develop an internal portfolio of New Chemical Entities (NCEs) in
the therapeutic areas of inflammatory and cardio-metabolic
disease.

NicOx's lead product is naproxcinod, a proprietary NCE and a
first-in-class CINOD (Cyclooxygenase-Inhibiting Nitric
Oxide-Donating) anti-inflammatory agent for the relief of the signs
and symptoms of osteoarthritis. NicOx submitted a New Drug
Application (NDA) for naproxcinod to the US Food and Drug
Administration (FDA) in September 2009, following the successful
completion of three pivotal phase 3 studies. The submission of a
Marketing Authorization Application (MAA) to the European Medicines
Agency (EMEA) is planned for Q4 2009.

Beyond naproxcinod, NicOx has a pipeline containing multiple
nitric oxide-donating NCEs, which are in development internally and
with partners, including Merck & Co., Inc., for the treatment
of prevalent and underserved diseases, such as atherosclerosis,
hypertension, widespread eye diseases and respiratory
conditions.

NicOx S.A. is headquartered in France and is listed on the NYSE
Euronext Paris (Compartment B: Mid Caps).

This press release contains certain forward-looking statements.
Although the Company believes its expectations are based on
reasonable assumptions, these forward-looking statements are
subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those anticipated in the
forward-looking statements.

For a discussion of risks and uncertainties which could cause
actual results, financial condition, performance or achievements of
NicOx S.A. to differ from those contained in the forward-looking
statements, please refer to the Risk Factors ("Facteurs de Risque")
section of the Document de Reference filed with the AMF, which is
available on the AMF website (http://www.amf-france.org) or on
NicOx S.A.'s website (http://www.nicox.com).

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